Informist, Wednesday, May 24, 2023
By Afra Abubacker
MUMBAI – Futures contracts of jeera and turmeric rose on the National Commodity and Derivatives Exchange due to firm demand, while coriander contracts fell on the domestic bourse due to increased supplies in major markets.
The most-active June contract of TURMERIC was at 8,210 rupees per 100 kg, up 4.6% from the previous close. Prices in the key wholesale market of Nizamabad, Telangana, rose by 300-400 rupees to 7,400-7,600 rupees per 100 kg, traders said.
Prices rose today on firm demand for good quality turmeric and lower availability of the same, traders said. Concern over acreage for the upcoming crop in the wake of El Nino and forecast of delayed monsoon are also supporting the upside movement in prices.
Turmeric is a nine-month crop that is sown during April-July, with the arrival of pre-monsoon showers. The crop is harvested from January and extends till March. Major turmeric growers are Telangana, Maharashtra and Tamil Nadu.
JEERA futures rose today on the domestic bourse after falling for four straight sessions. The most-active June contract was at 44,600 rupees per 100 kg, up 1% from its previous close. On Tuesday, the contract fell to a one-month low of 43,200 rupees per 100 kg.
Prices in the key wholesale market of Unjha, Gujarat, rose by 200–300 rupees to 46,000-46,200 rupees per 100 kg.
Jeera futures rose on the domestic bourse due to firm demand amid tight supplies in major markets. Unseasonal rainfall in March over Rajasthan and Gujarat has damaged the quality of jeera crop, which is prompting millers to buy good quality crop at every price dip, said SMC Global Securities.
CORIANDER contracts fell on the domestic bourse due to subdued demand and increased supplies at major markets. Stockists and traders are expecting prices to fall further owing to increasing supplies in Rajasthan.
The most-active June contract was at 6,378 rupees per 100 kg, down 1.5% from the previous close. Earlier in the day, the contract fell to an over one-month low of 6,262 rupees per 100 kg.
Prices in the key wholesale market of Kota, Rajasthan, were largely steady at 6,670-6,700 rupees per 100 kg, said traders.
Following are today’s closing prices of the most-active contracts of spices:
End
Edited by Maheswaran Parameswaran
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